Stock markets across the Gulf region experienced an up tick on Monday, driven by positive US jobs data that eased concerns of further interest rate hikes by the Federal Reserve.
Battered bond markets rebounded as favourable US payrolls figures and upbeat productivity numbers indicated that the labour market was cooling down, potentially eliminating the need for additional rate increases from the Fed.
The US central bank maintained its steady interest rate policy on November 1, triggering a global market rally while causing a decline in the US dollar and Treasury yields.
Most Gulf Cooperation Council (GCC) nations including the UAE peg their currencies to the US dollar and closely align their monetary policies with those of the Fed.
Saudi Arabia's benchmark index (.TASI) edged up 0.1%, fuelled by a 6.7% surge in Etihad Atheeb Telecommunication Co.
Other notable gainers included oil giant Saudi Aramco which added 0.5% ahead of its earnings announcement on Tuesday.
Oil prices, a key driver of Gulf financial markets, rose as top exporters Saudi Arabia and Russia reaffirmed their commitment to additional voluntary oil supply cuts until the end of the year.
Dubai's main share index (.DFMGI) climbed 0.7%, led by a 1.9% rise in blue-chip developer Emaar Properties and a 2.4% increase in Dubai Islamic Bank.
The Abu Dhabi index (.FTFADGI) closed 0.4% higher.
In Qatar, the index (.QSI) advanced 1.6%, marking its seventh consecutive session of gains, with most of its constituents in positive territory. This included Islamic lender Masraf Al Rayan which gained 10%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) edged down 0.2%, ending a two-session rally weighed down by an 8.3% fall in Alexandria Mineral Oils Co.
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